HousingDoom’s “Understatement of the Year Award” has to go to the Arizona Association of Realtors for this statement in their January Arizona Outlook : [Thanks L!]
The underlying fundamentals for Arizona are somewhat weaker than is the case nationally, measured in terms of unemployment, distressed property, homeowner equity and commercial space availability.
They offered as evidence the following chart:
So Phoenix has three times the number of homeowners with negative equity than the nation. Tucson’s is double. The other catagories don’t look so hot either. Just think what the numbers would have to look like for the AZ Association of Realtors to say that Arizona was “seriously weaker” than the national average.